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KQEH
Nightly Business Report

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Dec 12, 2012

.b.r." >> susie: an historic move today by the federal reserve. fed chairman ben bernanke and other policy makers said they will keep their key interest rate near zero until the unemployment rate falls below 6.5% or inflation rises to 2.5%. now, this is the first time the fed has set a clear economic target for how long interest rates will stay at record lows. the surprise decision means the central bank will continue stimulating the economy by buying bonds. darren gersh explains the dramatic move. >> reporter: ben bernanke and his colleagues will no longer mark a date on the calendar for when they expect to begin raising interest rates. from now on, they'll make that call based on a target for the unemployment rate and inflation. >> it'll act to some extent as an automatic stabilizer. so if the outlook worsens and that leads markets to think that the increase in rates is further out in the future, that will tend to lower longer term rates, and that will tend to be supportive of the economy. so that has an automatic stabilizer-type effect. it offsets adverse shocks. >> reporter: as it turns out,

CNBC - Closing Bell

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CNBC
Closing Bell

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Dec 13, 2012

"closing bell." i'm maria bartiromo at the new york stock exchange. it's a case of what the fed and fiscal cliff follies for the stock market today, bill. >> sure is. welcome back. i'll bill griffith. stocks losing streams after house speaker john boehner and senate majority leader harry reid stoked the notion that a deal is not close. down as many as 94 points on the dow at the low of the session and now down at 82 at 13,163. the nasdaq down 26 points right now, a decline of almost a percent at 2987 and the s&p 5 hundred index, trying, doesn't look like it will, seven straight up days, not today though, down ten points at 1418. >> investors dealing with jewel issues. not only is the fiscal cliff situation looking dicier by the day as we head headlines out of announcement by the federal reserve's announcement tying rate hikes to the unemployment rate. >> our next guests are here with their best ideas going into the new year. today's "closing bell" exchange, gary webbush here with us and steve sax from pro shares advisors and steven gil garcetg and our own jeff cox. no encouraging words out

CSPAN2 - Book TV

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Dec 1, 2012

CSPAN2
Book TV

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Dec 1, 2012

fiscal collapse." where does the fed benefit in to "rollback"? >> good question. well, the fed is sort of another one of these topics that, again, we are taught not to really think about not to subjective to critical scrutiny, again, it's one of the thicks there for the common good. if you have a question about the federal reserve you're probably a crank. you might need some sort of psychology evaluation. because of the most financial crisis it's harder to make the arkment. people are sane are asking question about the federal reserve. what is this? does it do? what i'm suggesting is the fed is not the institution that when we respondent usely have the business sickle that have no explanation, the fed comes to the rescue and so.s the problem. the fed typical intense fies the program what we need to do is roll back the fed as well. the conventional wisdom surrounding the fed is dead

CNBC - Closing Bell

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CNBC
Closing Bell

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Dec 12, 2012

evaluate the fed's accuracy in making economic forecasts, and how does that affect the ability to make monetary policy decisions, especially as it's connected to the thresholds? >> well, i think it's fair to say that we have overestimated the pace of growth, total output growth, gdp growth from the beginning of the recovery, and we have, therefore, to continue to scale down our -- our estimates of output growth, but interestingly at the same time we have been more accurate, not perfectly accurate by any means, but we've been somewhat more accurate in forecasting unemployment, and how do you reconcile those two things? i talked about this in remarks i gave at the new york economic club recently right before thanksgiving, and i think the reconciliation is that what we're learning is that at least temporarily the financial crisis may have reduced somewhat the underlying potential growth rate of the u.s. economy. it has interfered with business creation. with investment, with technological advances and so on, and that can account for at least part of the somewhat slower growth. at the same

KRCB - Newsline

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KRCB
Newsline

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Dec 12, 2012

-degr the aim of this program is to drive down interest rates. for its next step the fed will start buying the same amount of treasury bonds in january. that's on top of the 40 billion each month it's buying in morning bonds. analysts say it's an unprecedented move for the fed to spell out its goal to bolster the economy. after the policy board meeting the fed chairman expressed stro conrn about t fisl cliff. he urged the obama administration and congress to resolve the problem as soon as possible. >> clearly this is a major risk factor and a major source of uncertainty about the economy going forward. we would try to do what we would. we would increase a bit but i want to be clear that we cannot offset the full impact of the fiscal cliff. it's too big given the tools we have available and the limitations on our policy tool kit a this point. >> let's get a check on the markets now. following the feds decision to take monetary easing steps, the dollar is higher against the yen. that is trading at 83.39 to 40. this is the highest level in eight months. participants are buying dollars due to

CNBC - Squawk Box

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Dec 13, 2012

? this replaced a time horizon commitment. the fed had said we're going to be accommodative until at least mid 2015. so then it moved and they said, well, we're going to be accommodative until we get these inflation and unemployment numbers to these levels. is this a really big change? i'm not sure that it is. i mean -- >> your gamble is we could be at 6.5% unemployment by mid 2016. >> i think, you know, the point is that the bigger issue is what are the asset pure chases? at what pace are these asset purchases and how long will they do them? as long as they are not committing themselves and not tying themselves to anything, all they're saying is they have been tying themselves to a date, now they're tying themselves to a number. we're going to be in here for a long time. >> we've got qe now. we already knew we had qe. 85 billion, qe, the market was down 2 points yesterday on qe perpetual. now we know we're going to go to get the 6.5% before we stop. if we're in a new normal, like pimco says and like ryan hart, we're never getting to 6.5%. so this is qe perpetual for as long as it takes. the b

CNBC - Squawk on the Street

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CNBC
Squawk on the Street

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Dec 13, 2012

of the u.s. markets this morning. our road map today starts with the fed announcing a new round of stimulus as chairman ber bernanke warps the fiscal cliff is hurting growth. house speaker john boehner expected to talk on the cliff talks 11 a.m. eastern time. >> told you this week, of course, they were talking actively, now, sprint/nextel offering to purchase the other half of clearwire it doesn't own. >> surges of best buy surging on reports that the founder is on the verge of making a formal takeover bid. >> and google maps has found its way back into apple's operating system. >> of course, we have to start off with the markets. dow's five-day winning streak has been snapped, despite the fed announcing a new round of stimulus. chairman ber bernanke say worries about the fiscal cliff are resulting in softer business environment and waning growth. members of congress told not to make plans for the christmas holidays, citing the urgency of striking a deal to avoid the fiscal cliff. the speaker set to given a update out state of negotiations with the white house in two hours. we will bring br

CNBC - Closing Bell With Maria Bartiromo

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Dec 14, 2012

CNBC
Closing Bell With Maria Bartiromo

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Dec 14, 2012

are you taking advantage of the low rates and what was your take on the fed the other day? >> in the fixed income space what we actually like in taking advantage of low rates is going down the credit curve. that means the high-yield sector and corporate credit, that means the non-agency mortgage sector when it comes to the securitized side. as far as the fed the other day, we actually don't -- we are prepared to take the federal face value when we say that this doesn't materially change the timetable that they had in mind. it is just a better policy framework than putting an arbitrary date out there. now the question, maria, comes to when you come to 2014, and if the employment rate has kept falling as quickly as it has in the last year, year and a half and at 6.8%, 6.7% on the unemployment rate hypothetically, does the market then automatically start to tighten policy for the fed? does it start to anticipate higher rates, or does the fed start to bring those expectations down, saying 6.5% isn't the end of the world but that doesn't mean we're actually going. i don't know the answer it. wi

KRCB - Nightly Business Report

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KRCB
Nightly Business Report

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Dec 11, 2012

is whether the fed will stick with its so- called "operation twist" bond- buying program, or will it announce something new? erika miller takes a closer look at what's expected. >> reporter: the fed may announce a new twist in its bond buying plans, but that doesn't necessarily mean the stock market will shout. at it's final meeting of the year, the central bank is not expected to simply tend its operati twist program. that's the nickname for the fed's strategy of buying long- term treasuries and, at the same time, selling an equal amount of shorter-dated bonds. that's important because it keeps the bank's balance sheet the same size. now, the fed may be ready to do a new stimulus dance. >> under twist, they've been purchasing $45 billion longer term treasuries while at the same time selling $45 billion short term. they've pretty much run out of short-term stuff to sell, so i think they'll be continuing to purchase the long term, but purchasing outright, expanding their balance sheet. >> reporter: and that would be on top of $40 billion a month already committed to buy mortgage-backed securit

CSPAN - Capitol Hill Hearings

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CSPAN
Capitol Hill Hearings

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Dec 13, 2012

a bit lower. in the longer run, the fed funds rate is around 4% according to these projections. it suggests that when the fed started raising interest rates down the road, it might have to move fairly quickly to get to equilibrium at the fed funds rate. is that the case in more generally, can you talk about what this framework you set up today says about the exit strategy you have laid out some time ago? >> that's a good question. we don't have a precise estimate of the long run sustainable unemployment rate. the estimates that were provided in the summary of economic projections today, as has been the case for a while, is 5.2%-6.5%. that gives us some time. my anticipation is that the removal of accommodation after the takeoff point, wherever that occurs, would be relatively gradual. i don't think we are looking at a rapid increase. that depends on where inflation is and other conditions but the path that we are basing these numbers on is one that assumes an increase in the funds rate first occurring sometime after unemployment goes below 6.5% but does not necessarily assume a

CSPAN - Capitol Hill Hearings

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CSPAN
Capitol Hill Hearings

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Dec 12, 2012

view is the reason the fed is doing that is because the mandate was changed in the late 70's to where they have to be concerned with unemployment. we need a fiscal deal. the fed is the onlythe fed has to change its policy unsustainable over time. >> right. >> one of the most successful physical consolidations in the developed, democratic world in canada, in the mid 1990's, and i ask the canadian politicians how did you do it? the public went from cheering on spending to deficits within a matter of a year or two. the government in canada now risks some peril if they do not balance their budget. the answer you most frequently get is all they had to do was say, 40% of revenues was going to pay the interest bill on the canadian debt, and the public immediately realized that was not a great idea. we cannot make that argument. we run these massive deficits and because interest rates have gone down, the interest bill has barely moved at all. that. even with the modest projections in terms of the interest rate increases they see over time, we are going to quadruple our interest bill in 10 yea

CNBC - The Kudlow Report

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CNBC
The Kudlow Report

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Dec 12, 2012

are joining them. geez, i may faint. now to washington, d.c. with fed chairman ben bernanke sent a chill down the spine of traders on wall street. bernanke said the fed's money printing should last only until we hit 6.5% unemployment. markets didn't like that one bit and a good rally was completely erased. and we go to damascus where the assad regime is firing scud missiles and where did those missiles come from anyway? >>> in a letter to senate majority leader harry reid, 18 democratic senators are requesting a sweetheart deal to delay a 2.3% medical device tax that is part of obama care. due to start january 1st. but you know what, may i with all respect, these guys are hypocrites. they're not supply siders. yes, the tax is a job killer, as they say, but it's only hitting their states. the senators claim the medical device tax kills jobs but why aren't they against all the other job killing obama care taxes or for that matter the fiscal cliff tax hikes that are coming. let's faulk about this. we have igor volsky and guy benson. guy benson, i am glad they have won't up to this lousy medical

CSPAN - Washington This Week

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CSPAN
Washington This Week

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Dec 16, 2012

on borrowed time. we've created another bubble and my view is the reason the fed's doing that is because marathon update has changed in the late 70's to where they have to concerned with short-term employment and the absence of the congress and the president work together to get a fiscal deal, they're the only game in town. we need a fiscal deal and the fed has to change kits policies because both are imprune and unsustainable over time. >> right. >> one of the most successful fiscal consolidations in the developed democratic world in the mid 1990's, and i frequently asked canadian politicians how did you do it? the americans went from cheering on spend and to the torrances of deficits within a matter of a year or two. and so the government in canada now with some peril if they don't balance their budgets and the answer you most frequently get is all they have to do was say at 40% of revenues was going to pay the interest bill on the canadian debt? and the public -- they realize that was not a great idea and became strongly against increasing the debt further. we can't make that argument

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Dec 11, 2012

and oil was down. a two-day fed meeting starts today with the fed most likely talking about stimulating the economy by purchasing more treasury bonds to keep interest rates low. the government is selling its remaining stake in aig... and reports say regulators have a $1.9 billion dollar settlement with hsbc. the bank is accussed of laundering money for drug dealers and terrorists. john brady of rj o'brien joins us now. john, are you seeing any special positioning ahead of the fed? > > we have angie. over the course of the last two weeks so, we have seen equity markets continue to "melt up," as traders would say, continue to be sort of supported by this idea that the federal reserve is going to continue its method of quantitative easing. the fed meeting to start today. however, we will receive the announcement from the fed tomorrow, perhaps around 1:00 or so wednesday. but, the idea is that risk assets, both equities and metals, commodities mostly, continue to melt higher with the idea that the fed is going to continue to monetize its debt and supply excess reserves to the economy. > wha

KRON - KRON 4 Early News

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KRON
KRON 4 Early News

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Dec 11, 2012

as the federal reserve begins a two day policy meeting. as expected the fed will continue its $45 billion a month on buying program. we'll be watching the markets and seeing if the fiscal cliff tops have any affect on wall street. >> right now is 630 and we want to take a look at the weather is chilly right now >> that's right temperatures are in the upper 30's. they will continue to drop as we approach a sunrise. we will see an increase in cloud cover and temperature rarely top out into the fifties 60s. rain is on the way, a cold front is dropping down from the gulf of alaska. expect some later light rain with the heaviest of falling overnight while most of us will be sleeping. the rain continues to mount morning -- tomorrow i was full forecast in my next report. >> we do not have any problems, or stalls and just regular low commute traffic through the bay area. the cash lanes and fasttrack lanes are backed up once the 880 over crossing will be on the end of the parking lot there. turn the metering lights on you also see slow traffic as you work your way up the incline. as you head towards the t

FBC - Lou Dobbs Tonight

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FBC
Lou Dobbs Tonight

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Dec 12, 2012

. stay with us. >> someone in dc is focussed on job, fed chairman ben bernanke pledging more easy money to cut the unemployment rate. what does the economy look like in the new year, wells fargo chief economist, john silvio next. lou: chairman ben bernanke made a historic move sitting unemployment rate as a target for monetary policy. we'll be taking that up, talking with wells fargo chief economist john silv sylvia in moments, and announcing they will spend -- a month buying mortgage-backed security. what the market expected and stocks rallied a bit on the announcement, a little. then ben bernanke talked about the fiscal cliff that ended that rally, stocks coming off their highs, index, swung 102 points over second, and s&p finished where it began, nascar -- nazdaq down over 8 points, and trading on big board, busiest in the week, walmart a big mover, dropping retailer part of an overall weak group, best answer, profit taking with the sell-off walmart up, 18 -- almost 19ers in on the year, 10 year, yield rising to 1.69%, and crude market, up, joining me now, wells fargo chief economist

CNBC - Closing Bell With Maria Bartiromo

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CNBC
Closing Bell With Maria Bartiromo

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Dec 13, 2012

is going to be the dominant force in terms of moving money? >> i think you don't fight the fed. i think what happened yesterday is a little bit more of the same we had this year which is the fed is going to try to keep interest rates low until it moves people off the risk spectrum which means between bonds and equities we still favor equities. >> isn't it interesting, ed, that you've got the federal reserve now targeting an unemployment report rate in terms of moving on interest rates. 6.5% is the number, you know, that was spoken about so much yesterday. it that change your investment position in any way? >> no. i mean, it's pretty -- it's pretty simple to understand what you need to do. you need to buy equities if you're going to be real focused. look at equities with a little bit of a china exposure because china is starting to bottom a little bit, we think, so that's where i would focus. the number one thing and the greatest clarity i have in 26 years in this business, stay away from interest rate sensitive bonds and stay away from bond funds, and that's what you need to be doing ri

CNBC - Squawk on the Street

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CNBC
Squawk on the Street

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Dec 12, 2012

in production this morning. >> the road map starts this morning with, of course, the fed. expectations for revamped bond buying program. what will the economic forecast say about next year and what to make of the "wall street journal" story that says academics are driving monetary policy at secret dinners in switzer land. >> more counteroffers in the debt negotiations. it looks like corporate taxes are part of the deductions. >> costco beats by 2 cents, better sales and better sales and membership fees. >> some more reports about apple tv today. the journal said it's designing a high -- new high-resolution set. microsoft trying to widen the list of retailers that will carry the surface tablet. the fed is going to wrap up its two-day meeting. a watch is on to see if ben bernanke and policy makers make a decision about the interest rates. later on, the chairman will hold a news conference, and of course, cnbc, will bring it to you live. coverage beginning at 2:00 p.m. eastern. jim, a lot of discussion about how much they are willing to do, given the tenuous nature of the talks in d.c. >>

CNBC - Squawk Box

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Dec 17, 2012

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Dec 17, 2012

. >>> coming up, bob doll gives us his outlook for the fed. linking rates to the unemployment rate. then at 8:00 eastern, a cnbc exclusive, david tepper, one of the world's top performing hedge fund managers will give us some of his investing wisdom and what will be a can't miss "squawk box" interview coming right back. [ penélope ] i found the best cafe in the world. nespresso. where i never have to compromise on anything. ♪ where just one touch creates the perfect coffee. where every cappuccino and latte is only made with fresh milk. and where the staff is exceptionally friendly. ♪ nespresso. what else? omnipotent of opportunity. you know how to mix business... with business. and you...rent from national. because only national lets you choose any car in the aisle. and go. you can even take a full-size or above. and still pay the mid-size price. i could get used to this. [ male announcer ] yes, you could business pro. yes, you could. go national. go like a pro. with scottrader streaming quotes, any way you want. fully customize it for your trading process -- from thought to trade, on ev

CNBC - Squawk Box

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Dec 14, 2012

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Dec 14, 2012

interview with dallas fed pet jrichard fibber. and the interview of the morning you do not want to miss. it is a crazy story we've been talking about for the past two weeks. john mcafee will be joining us live on camera at 8:40 a.m. eastern. we're going to get the latest chapter in this mystery that has murder, mayhem and suspension. his life is the movie of the week, if you will, and we will have it live right here at 8:40. please, do not miss that. let's get you caught up on some of the other headlines this morning. house speaker john boehner and president obama met for the second time this week. both parties are trying to avoid the fiscal cliff. the men had a frank discussion and the lines of communication remain open, although no specific details were released. the meeting came after frustration in washington. this was house speaker boehner earlier in the day. >> republicans want to solve this problem by getting the spending line down. the president wants to pretend the spending isn't a problem. that's why we don't have an agreement. >>> president obama remains hopeful that a deal w

CNBC - Mad Money

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CNBC
Mad Money

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Dec 12, 2012

starting to hurt u.s. economy. in this vacuum, the fed has decided to keep rates low. they stepped in saying listen, business. we are not going to get in your way. we're not going to allow interest rate to go higher until we get many hundreds of thousands of people hired! [ applause ] . ben bernanke has become the jobs commander in chief. we've heard nothing but carping on air in the blog sphere as you the fed's latest actions today. i ska give me a break. bernanke said my legacy will be that i helped people get a job. and i care more about the unemployed than i do about taxing or not taxing the wealthiest 2%. further, bernanke's implied with this action to keep buying bonds. buy buy buy buy buy buy! to force interest rates to stay low until we get to a 6.5% unemployment? well, he's saying he's very worried about our country going over the fiscal cliff. and he's extremely anxious about how that new found mandated austerity will mean huge job losses. yeah. lots and lots of people not being able to pay for dinner. our network calculates that while there'll be some powerful initial de

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Dec 10, 2012

week. we have a fed meeting coming up this week, and a lot of people are talking about this so-called "gold storm." what does that mean? > > what people are doing is they are looking at this fed announcement that is coming up and seeing if the fed will make any kind of adjustment to the current policy that they have in place. there is some talk that they may adjust some of the duration of the treasuries that they are looking at purchasing, so the gold market may continue an upward rise right through $1,735. really i think the next key psychological level is $1,800. > what do you anticipate from the stock market? will we see any kind of follow-through on the jobs number this week? > > really we saw a very strong move just after the jobs number, but we saw a breakdown when the fiscal cliff talks started to develop. so continue to watch any of those talks with boehner and obama, and if they make any kind of progress. then we can see the s&p start to build momentum on that and travel upward. > people who were investing overseas are very happy about what is happening in europe. germ

KGO - ABC7 News 500PM

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KGO
ABC7 News 500PM

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Dec 10, 2012

to make sure babies that needed it will be able to have it. >> studies show premature infants fed breastuú milk are often released from the hospital sooner often. >> the coast guard searching for what appears to be a 55 gallon drum floating beneath the san may dayo bridge. there it is there, around the bridge. it was called in this morning. the coast guard wants to make sure it's nothing dangerous or toxic. >> fallen tree caused thousands of dollars in damage to a home in oakland hills. the pine was in a neighbor's yard, also long enough to reach a roof top. the person there was sleeping at the time. >> what a spectacular day today. >> yes. >> sandhya patel is here now with the story. >> major changes coming. showing you a live picture now, i'll show you whailt looks like fromwzd our camera. we have clear skies three high temperatures. we have two other records to show you. let's check out another live picture from our camera. it's a beautiful view right now. clear skies and 38 degrees. there as early as wednesday. let's check out high temperatures today, oakland, downtown, record temperat

SFGTV -

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Dec 19, 2012

SFGTV

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Dec 19, 2012

. friendly, free, and you might get fed. ♪ [applause] >> this san francisco ryther created the radar reading series in 2003. she was inspired when she first moved to this city in the early 1990's and discover the wild west atmosphere of open mi it's ic in the mission. >> although there were these open mics every night of the week, they were super macho. people writing poems about being jerks. beatty their chest onstage. >> she was energized by the scene and proved up with other girls who wanted their voices to be heard. touring the country and sharing gen-x 7 as a. her mainstream reputation grew with her novel. theses san francisco public library took notice and asked her if she would begin carrying a monthly reading series based on her community. >> a lot of the raiders that i work with our like underground writers. they're just coming at publishing and at being a writer from this underground way. coming in to the library is awesome. very good for the library to show this writing community that they are welcome. at first, people were like, you want me to read at the library, really? things

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Dec 20, 2012

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Dec 20, 2012

in on tragedy. the backpack sell for around $300. despite a disappointing earnings report -- fed ex is expecting a record holiday season. this week's earnings from fed ex revealed profits were down in the 4th quarter. superstorm sandy played a role. however -- fed ex cites "persistant weakness" in the global economy -- as the main drag on profits, which fell 11.9 percent from last year. the beacon of hope for fed ex appears to be this holiday season. the company's ceo says online shopping is providing the opportunity for a record year. lawmakers are heading into crunch time on averting the fiscal cliff. yesterday, president obama said he wants a deal done by christmas. he also accused republicans of finding ways to say "no"... as opposed to ways to say "yes"-- to try to best him, rather than doing what's best for the country. today, the house is set to vote on a fallback tax plan-- known as plan b. it calls for tax hikes on americans earning more than $1 million dollars. > >then the president will have a decision to make. he can call on the senate democrats to pass that bill or he can be resp

SFGTV2 -

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Dec 31, 2012

SFGTV2

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Dec 31, 2012

of a century we have opened our congregation doors, fed and provided a warm and safe place for homeless men to sleep during the coldest and rainiest nights of the year. it's been this mayor and his predecessors who look to what happened at hurricane katrina, saw the key role that congregation leaders, facilities and congre gants can play at the time of a diseafert disaster and called us to stakeholders and mayor lee invites us to pray as well as roll up our sleeves to solve this crisis that impacts us all. from the christian tradition to which i come we hear when one member of the body suffers all suffer. in order to meet this daunting challenge we will need to build upon the work already begun and engage the wisdom and support of so many other prophetic voices those that have much to contribute. the tent is large and must be filled. with our collective resources we will also need to seriously address the root causes of violence, and what are those root causes? education and here i am speaking of after school services, adult education, skills development, ged services, and parent educa

CNBC - Squawk Box

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Dec 12, 2012

by 10. the s&p 500 would open higher by six. >>> and the fed wrapping up its two-day meeting this afternoon. its latest policy statement is expected at 12:30 eastern. that will be followed by a news conference at 2:15 p.m. the fed is expected to announce a new round of bond purchases as its last program known as operation twist set to expire at the end of the month. we'll have special coverage at cnbc of the decision and ben bernanke's news conference starting at 12:15. we'll talk to steve leaseman live later in the program. >>> another story that you heard about yesterday, the -- you know, violence and death threats and blood and guts. big implications for big labor. that is michigan's decision to become a right-to-work state. thousands of protesters and union members converged on the capitol in lansing yesterday to object to the measure that would bar unions from requiring workers to pay membership dues and to join the union. governor snyder signed the measure into law. >> shouldn't the unionsing putting out a proposition that workers want to join a union? and shouldn't wor

CSPAN2 - Book TV

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Dec 1, 2012

CSPAN2
Book TV

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Dec 1, 2012

supplied to the economy by the fed and the stock market has had a lot of the crazy stock is replaced by a larger bubble in the real estate in which we expanded this economy based on all of the false rules while people were spending money that they don't have come in and we have a lot of consumption and employment that was a function of the wealth. that bubble burst and now all of the achieved money that the fed was creating was going into the government through the bond market. the government was able to borrow enormous amounts of money and all true low interest rates thanks to the fed coming and now we have an economy that is dependent on all of this excess government spending in the cheap money and you can see it in the price of the bond but like the two prior bubbles it is going to burst and unfortunately what it does, the consequences for the economy are going to be much worse than they were when either the real estate bubble burst or the stock market bubble. >> and again, the 21st, the so-called private sector baubles, what was the federal government role in your view in creatin

CNBC - Wall Street Journal Rpt.

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CNBC
Wall Street Journal Rpt.

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Dec 16, 2012

street journal report." i'm maria bartiromo. a bold move by the fed, a standstill in washington, and the fiscal cliff moves ever closer. my talk with the man behind the no tax increase plan, what grover norquist thinks what will happen next. is he a big loser in the negotiations? why companies may be looking for the art history major rather than an engineering one. "wall street journal report" begins right now. >> this is america's number one financial news program. "the wall street journal report." now maria bartiromo. >> here is a look at what's making news as we head to a new week on wall street. the federal reserve goes where it's never gone before. at its meeting this week, the fed's open market committee announced a new target that it will keep interest rates low until the unemployment rate hits 6.5%. that's the target. that's the first time it has linked employment to interest rates. the fed also announced a plan to continue buying $40 billion a month in bonds to keep interest rates low. but, of course, the big news was about those jobs. >> the conditions now prevailing

KQED - McLaughlin Group

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KQED
McLaughlin Group

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Dec 16, 2012

, the economy will relapse recession. issue three. 12/12/12 and the fed. >> 12/12/12. a once-in-a-lifetime triple same digit date and the day the chairman of the federal reserve board, ben bernanke, announced an unprecedented strategy. >> a strategy that we believe will help support household and business confidence and spending. >> for the first time in the federal reserve board's 100- year history, the central bank is directly basing its interest rate on the state of the economy. interest rates are now low and will stay low, near zero, says the fed, until unemployment, now at 7.7%, drops below 6.5%. this could be a tall order, one that takes years. and there's more. during that time, for rates to stay low, the inflation rate must also stay low. below 2.5%. the principal reason for the fed to keep interest rates low is to keep the cost of borrowing money low. the fed hopes that new money will boost the confidence of businesses and investors. >> by tieing future monetary policy more explicitly to economic conditions this formulation of our policy guidance should also make mon

CNBC - Worldwide Exchange

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CNBC
Worldwide Exchange

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Dec 13, 2012

if the u.s. economy goes over the fiscal cliff. >>> and the fed takes the new and surprising step in its ongoing efforts to boost the economy, tying interest rates directly to the u.s. unemployment rate. >>> plus, investors cheering the plan to save danone's plans to offset losses over the next two years. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >>> welcome to the program. coming up on today's show, we'll be plenty busy. we head out to tokyo where carry enjoji has been talking about the upcoming elections. then, we hone in on central london where one pilot project is living roof and major buildings. find out what green living can do go r to improve the area. >>> and today, the 1 billionth international tourist will reportedly arrive at a destination in the world. at 11:20 central time, we'll speak to the world travel council to find out why france is still the world's top destination but more money is spent in the u.s. and central america is now a star performer. first, we want to get the latest news. looking for confidence out

CNNW - CNN Newsroom

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Dec 6, 2012

CNNW
CNN Newsroom

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Dec 6, 2012

when it comes to dope and the feds. how are these two entities going to compromise in this respect? >> with great difficulty. that was some party they had there. the federal law is pretty significant here because of course as you know back in 1970 we had a controlled substance act under nixon and one of those drugs that the fed said, you know what, was illegal and as you mentioned you can't manufacture and you can't produce and you can't import and you can't distribute and you can't sell would be marijuana and that's problematic because you have something called the supremacy clause. it's significant because what it says is there's a conflict between state law and federal law, guess which one controls? the federal law does. so it's still illegal federally. how that could resolve itself is as we've seen governors of both those states have met with the justice department and they have said, look, we're sovereign states. this is what our public wants to do. will you give us a break and not enforce it? so if the feds don't enforce it, then they will be partying as you just saw. >> and

CNBC - Closing Bell

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CNBC
Closing Bell

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Dec 10, 2012

up. the fed meeting. lots of data. what are you setting yourselves up for here? >> you're right. we have $66 billion starting out. and the first day of a two-day fed meeting. our last meeting was the 24th of october. you'll see a charts of 10s, 30s going back to that meeting. and into a treasury purchase program, virtually everybody expects that. and the dollar actually is a little bit higher than the last meeting. and most likely they will still sell the dollars based off qe 4 and the dollar has done well against the yen in particular. but i wouldn't say one final thing that we're talking about fiscal cliff in the context of people in the middle class, upper class, taxes, i get all that. but i think we're also going to have to talk more about ben bernanke. if we go off the fiscal cliff, it shows the irony of how the feds balance sheets isn't addressing the problem. it isn't addressing unemployment. one hand of the government is trying to do something that isn't working and the other hand is shooting in the foot. i think this is going to be interesting listening to bernanke on wedne

CNBC - The Kudlow Report

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CNBC
The Kudlow Report

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Dec 13, 2012

kinds of europe stuff. all anybody wants is fiscal cliff resolution. >> did the fed spook anybody yesterday? >> no, i don't think so. i really think what sold off yesterday is people were just concerned about the fiscal cliff again. the fed didn't really do anything. they put kindleing on the fire, if we get a fiscal cliff, there's an awful lot of money out there to get this market going. >> it just strikes me that a central bank now $85 billion new dollars per month into the financial system and buying treasuries to hold rates down, they're not going to let rates go up any. i just intuit that. >> no. there was some talk that perhaps what they signaled was higher rates sooner than 2015 and i think that's absolutely wrong. there's no way. this was an easing policy. they're putting more money into the system. they're not going to let rates go up any sooner than they need to. after most recession, they don't really raise rates until 18 months after. so i think 2017 is probably your number. >> 2017. all right. let me just ask you about some other stuff. japan rising. europe stocks doi

CNBC - Squawk on the Street

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Dec 17, 2012

CNBC
Squawk on the Street

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Dec 17, 2012

falling below 500 free market. and the richmond fed president is at odds with bernanke. a week of action gets under way after the opening bell which is, of course, in just a few minutes. i always wait until the last minute. can i still ship a gift in time for christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the market, he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. >>> you're watching cnbc "squawk on the street." we're here at the financial capital of the world. the opening bell should ring in just about 4 1/2 minutes' time. oracle on tuesday, fedex on wednesday, thursday nike and research in motion.

CNNW - CNN Newsroom

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Dec 5, 2012

CNNW
CNN Newsroom

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Dec 5, 2012

checked yet with the feds to see how they're going to sort of deal with this lawinger heads really of laws. ethan nadelman joins me now. help me navigate this. i think this is a big question for a lot of people. not the least of which the people in that state that would like to light up tomorrow. what does this mean when it comes to federal law versus state law and are the feds changing their tune in terms of when they're going to prosecute and when they just might not? >> i'll tell you, nobody really knows the answer. i think the obama administration, the justice department are trying to figure it out because what happened on election day was in washington and colorado it became the first two states in the country and actually the first two political jurisdictions anywhere in the world to decide to legally regulate marijuana like alcohol, so the feds have to figure this out. >> a little like alcohol. i can buy as many bottles of beer as i want. i can only have an ounce of marijuana in washington and in colorado, right? >> that's right. it's important to say, by the way, that what's going

CURRENT - Viewpoint With Eliot Spitzer

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Dec 21, 2012

CURRENT
Viewpoint With Eliot Spitzer

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Dec 21, 2012

remarks this is not talking points that his staff had fed him. this was coming from the heart. the look of determination on his face when he came in from flying into the state of connecticut you know. he is -- this is real. and i just think it's not just -- positioning. on an issue here. this is something that i think is going to be a hallmark of his presidency second term. >> eliot: the emotion just oozed out of every pore of his body sunday evening when he delivered those remarks and read the names of the 20 children, my goodness, it was impossible not to be overwhelmed by the emotions. it was remarkable. >> the reaction inside that room, it is not like anything i've ever seen. you and i have been to lots of where emotions run high. when those names were being read, the names of the teachers, it just -- it was pure, raw emotion and grief. and we've gotta make sure we don't let go of that. as we approach the challenges of again, getting to the -- a better place for our country. >> eliot: well said. let's hope i

CNBC - Worldwide Exchange

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CNBC
Worldwide Exchange

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Dec 12, 2012

reductions before year end. >>> and let's twist again. the fed set to announce a fresh around of bond purchases to match the outgoing twist program at the end of the year. >>> the international community blasts north korea after it successfully launches a long-range rocket, prompting an emergency u.n. security council meeting. >>> all right. a very good morning to you. we are going to be on to opec later. we've got the latest i.a. data out this morning. they're saying global oil demand projected around 90.5 million barrels a day. more than forecast. they say non-opec production bouncing back. an something bit. they're saying opec crude supply inched up in november led by higher output from saudi arabia. >> i think we'll have to call this today the case of the two oil reports. we have the opec report that they put out ahead of the meeting showing different figures from what the iea is saying. >> they're saying saudi arabia figures saying we produce less. now the i.a. saying they produce more. also interesting, they're saying in iran, iranian production edging lower under the weight of

CSPAN2 - Book TV

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CSPAN2
Book TV

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Dec 16, 2012

authorized my reviewing his extensive fed correspondence held in the archives of the federal reserve bank of new york. the fed did not like that one bit. [laughter] federal reserve makes the cia look like publicity hounds. and finally, he sat for over a hundred hours of interviews with me, and i'm sure you can guess it was not always happily. so now let me turn to something of substance. this book is really two stories in one. this story is about a man who served under five presidents battling the three greatest financial crises of the last half century, but it's really a story about trust. and what i'm going to do is, first, tell you a little bit about the crises and then go to the underlying theme. crisis number one is gold. on august 15, 1971, some of you may remember that president nixon severed the dollar and gold by suspending foreign central banks' rights to exchange dollars for. >> two months later paul volcker raised interest, changed the operate oing techniques of the federal reserve, raised interest rates to higher levels than the chairman himself sought, 15% on long-term treas

KQED - PBS NewsHour

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KQED
PBS NewsHour

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Dec 12, 2012

.s. federal reserve is sticking with aggressive efforts to buy government bonds and boost the economy. fed leaders announced today said they'll continue until unemployment falls below 6.5%. for more, we spoke earlier with greg ip of "the economist." >> this is very significant. you know the fed, at least since 1977, has had a legal responsibility to aim for both full employment and low inflation. but fed officials traditionally cared a lot more about low inflation because they didn't think that in the long run they could affect unemployment. today's statement by the fed is essentially an assertion that they, in fact, do care about both those things and that they will keep stimulating the economy until they both get unemployment lower-- at least down to 6.5%-- or if inflation goes up more than they expect. >> sreenivasan: ben bernanke also had several caveats. explain those? >> so ben bernanke, the fed chairman, was very clear that today's statement doesn't represent an abandonment of low inflation. he said, for example, that if inflation were to rise unexpectedly, over 2.5% in their own fo

KPIX - CBS Evening News With Scott Pelley

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KPIX
CBS Evening News With Scott Pelley

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Dec 12, 2012

.5%. that could be three years away. the fed also said rates will stay low as long as inflation remains below 2.5%. hee idea is to give business, investors, and families a little more certainty about what to expect. and here's wyatt andrews. >> reporter: the announcement means the cost of borrowing will e ay near zero until the economy creates at least one million jobs. ategyhairman ben bernanke said the employment target is a better signal to investors and the public of just how long interest rates will stay low. >> a strategy that we believe ill help support household and business confidence and spending. >> reporter: to control interest rates, the fed plans to buy $85 eellion worth of bonds every ownth, $45 billion in treasury bills, $40 billion worth of hinggage bonds. the mortgage buying program has already driven rates to historic lows and driven up mortgage applications by 10%. but bernanke says the economy afeds more confidence now because of the uncertain fiscal cliff negotiations in unshington. and the harm from the fiscal cliff won't just happen in the enedre. bernanke said that's ha

CNBC - Squawk Box

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more/borrow

Dec 11, 2012

stories. the fed is hold ago two-day meeting in washington and a news conference by bernanke is set for tomorrow afternoon. operation twist expires at the end of this month. the central bank is expected to maintain its purchase of bonds with longer maturities. and we'll talk more about expectations for what we're going to hear tomorrow, in the next hour, when steve liesman will join us with results of our fed survey. >>> an oh beck minister, important events. opec ministers are in vienna. >> why vienna, by the way? >> i don't know why they originally set it there, but it seems like as good a place as any. have you been? >> i have not been. >> i don't think i've ever been to vienna. i always wondered about that. >> i mean, it's better than meeting in, i don't know, skokie, right? they're expected to retain its 28 million barrel a day output target. but the real drama is likely to be about leadership, the world's leading oil exporters are expected to argue about who should be opec's next secretary general and we have candidates from iran, iraq and saudi ara a arabia. they're all comp

more/borrow

Dec 4, 2012

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Dec 4, 2012

, at the chicago fed, a gathering of 39 individuals from banking and manufacturing industries - including automakers and other sectors - say the economy is strong enough - barely - to withstand either party's direction. "the vast majority think the fiscal cliff's impact will not be enough to drive us to recessionary measures." the chicago fed forecasts the economy will grow at 2.3% next year; unemployment will drop to 7.6%; new housing starts, often a key indicator, will increase to 950,000 new units; and vehicle sales will get a boost - all good news for the midwest. "with 13% of the population, we produce 30% of the vehicles. forecast is for 3.5% growth, which is 15 million units." also, the fed's economic forecasters say by the end of 2013, the price of west texas crude oil will rise about $4 higher than it is now. so overall, a gradual improvement - not fast enough or robust enough to greatly affect the jobs picture, but nothing on the horizon to reverse it, either. in the corporate race against china, the u.s. is gaining ground at a quicker clip. apple and exxon are among the america

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Dec 7, 2012

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Dec 7, 2012

like, commodities in general, is when the fed's buying $85 million a month worth of treasuries, i think you are going to have to like commodities. > what is your play on the dollar? > > i would have expected it would have had a little more strength this year, especially into the fall. however, given the fact that the fed is stepping on the gas, and, depending on what happens with the fiscal cliff and of course the economy next year, i think the dollar is going to drift a little bit weaker. nothing dramatic, but i think it will drift a little weaker as the year progresses. > thanks tim. have a good trading day. > > thanks. just in time for the holidays, hostess brands' layoff of more than 18,000 employees is part of a bulge in end-of-the-year layoffs this year. job cuts are up for the third straight month, and our cover story looks at whether this is a trend that may continue in the new year. job cuts nationwide were up for the third consecutive month in november. november would have been lower, but hostess brands' 18,500 layoffs as a part of bankruptcy pushed the number higher. "it's no

KPIX - CBS 5 Eyewitness News at 630PM

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Dec 9, 2012

KPIX
CBS 5 Eyewitness News at 630PM

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Dec 9, 2012

. >>> it's been a brisk holiday shopping season already. it's time to ship. fed ex is gearing up for its busiest day of the year. fed ex says most of the increase in shipments is because of a big jump in online holiday orders. >>> 49ers fans attending today's game helped make the holidays happier for some kids. >> putting on a toy drive, $1 donations. toys for tots right here. everything helps the kids right here for christmas. >> the 49ers teamed up with operation dream to collect toys and cash donations before the game. last year the groups collected more than 20,000 toys. children living in public housing, low income neighborhoods, and in hospital. >>> the second night of hanukkah tonight. the lighting ceremony will continue each night at 5:00 except for the 8th and final night, next friday, it will be lit at 3:00 followed by a second menorah lighting followed by a celebration with hanukkah treats. the festival of lights. >>> they call it art but you might call it crazy. the amazing feat of two men on motorcycles. >> here we are two weeks away from christmas and we have record high te

KTVU - Mornings on 2

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KTVU
Mornings on 2

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Dec 10, 2012

- breaking day for fed-ex. >>> good morning. i'm dave clark. >> i'm it it. >>> we be -- i'm tori campbell. >>> we begin with a big rig fire. it happened at 3:00 this morning. tara moriarty is live with more. good morning, tara. >> reporter: good morning. it's a route that this truck driver says he's taken twice a month. when he came through this parking lot here, there was a wire. he says that's not normally here. that's what the big rig snagged. if you look here you can see the remains of the truck here. now, we could see and hear sparks. there was an explosion and could you feel the heat yards away. it happened around 3:15 at sweeney camp which is part of the juvenile detention facility off fairmont drive. two men were trapped inside the big rig hit the power lines. he just happens to be a volunteer firefighter. >> he trains as a volunteer firefighter told him if you are in energized wires to jump. they may not have known they were energized at the time but they jumped. >> reporter: we've been speaking to the men. they are pretty grateful. the volunteer firefighter knew to jump and then

KPIX - CBS 5 Eyewitness News at Noon

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KPIX
CBS 5 Eyewitness News at Noon

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Dec 12, 2012

have a lot more to come including new word from the feds how long we can expect interest rates to stay low. >> if americans think we are going to get rid of a trillion dollar deficit without any pain to them, then they haveto ask, are they americans is it. >> harsh words from a california republicans as the "fiscal cliff" face-off continues in washington. >> a bay area couple plays see contract santa at walmart handing out cash and gifts to total strangers. >> hi, i'm meteorologist lawrence karnow in the cbs 5 weather center. had the showers beginning to wind down but we are getting ready for a bitter cold night. we'll talk about that coming up. ,,,,,,,,,,,,,,,, world trade center in new yk is well on its way to completion. this morning crs began lifting the first of 8 >>> after years of delays, the new site of the one world trade center in new york is on the way to completion. this morning crews began lifting the first of 18 pieces of the spire to the top of the building. it could take three months before they finish. when it's done, it will be the tallest building in the western hemi

KICU - Bay Area News at 7

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